IBD Illustrates how Barry will Ignorantly/Wrecklessly Repeat History

Discussion in 'Politics' started by mal, Dec 16, 2009.

  1. mal
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    mal Diamond Member

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    "The White House thinks it can jawbone banks into lending to people they don't want to lend to. We've been down this road before, and it led all the way to the 2007 financial meltdown. The president on Monday gave a tongue-lashing to the 'fat-cat bankers on Wall Street,' as he called them the day before. He wants them to make more loans to small businesses and consumers to give the economy a boost. But should banks be lending just because a politician tells them to? We tried this before. Indeed, it's the very source of the financial and economic calamity of the past two years. President Obama may think dressing down the top dogs at Goldman Sachs, JPMorgan Chase, Wells Fargo, Bank of America and others is good politics. But it's demoralizing and will only lead to more bank write-offs, more bank failures and less lending. ... In this, President Obama is treading the very same ground as President Clinton and President Bush in pushing banks to make risky loans they shouldn't make. And it will have the same dire results. For those who don't remember, the federal government became more involved than ever in determining how banks make their loans -- and to what customers -- thanks to the creation of Fannie Mae and Freddie Mac out of the wreckage of the Great Depression. They were followed by the Home Mortgage Disclosure Act of 1975, the Community Reinvestment Act of 1977, the Financial Institutions Reform, Recovery and Enforcement Act of 1989 and the Federal Housing Enterprises Financial Safety and Soundness Act of 1992. Go back to the 1970s and early 1990s you'll see that, just as today, bankers were criticized heavily for their alleged racism and lack of concern for the poor. President after president lambasted them for not lending more to support presidential social policies. By 2000, President Clinton's HUD required half of Fannie Mae's loan originations to go to poor and moderate-income borrowers -- whether they could pay on the loans or not. It marked the triumph of leftist politics over financial common sense. This is how the subprime meltdown, the source of our current financial troubles, came about. Not by 'greedy' banks or by 'deregulation.'"

    Investors.com - Bashing The Banks

    Sorry, but I Predicted a Year ago that the "Free Press" and the Left wouldn't Wait until the Homes were Done being Foreclosed on before they Started down the Path of "Unfair and Racist Lending Practices"...

    Barry's Populist and Dishonest Attack on "Fat Cat" Bankers Not Lending Money is just the Beginning.

    Within the Next Year, Most Likley BEFORE the DemocRATS Take their Asswhippin' in the Fall, the Left and their EVER Obedient Lapdogs in the "Free Press" will be Making Claims of Racist and Unfair Lending Practices.

    It's REALLY VERY SIMPLE... Some People don't Qualify for Loans, either for Homes or Businesses...

    And they should Rent and Build Credit like the Rest of us.

    It's NOT Racist... It's Reality.

    Mandating that Risky Loans be Made again will bring us right back here to this very Spot again.

    The Foreclosures and Damage from the Last Mistake haven't even Come to an End yet and Barry is out there Sounding like Clinton back in the 90's.

    But Mark my Words... ABC "News" or one of the others will Dedicate a Segment to the "Fat Cats" and their Denial of Poor Black Mothers Loans while they take "Fat Bonuses" and then Probably give Barry an Hour for FREE to say things like, "I'm not gonna let these Fat Cats Bamboozle and Lead us Astray again"...

    Good Lord, Life should be Less Predictable.

    Anyway, Spot on Editorial by IBD.

    :)

    peace...
     
  2. Claudette
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    Claudette Gold Member

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    Couldn't agree more.

    Fannie and Freddie, the Dems pet projects, you know. the lets let everyone with poor credit or no credit get a house. Fannie and Freddie were at the crux of the whole mess the country found itself in. Don't see anyone firing Dodd, Franks or anyone else who was involved. Hell the whole Govt is still employed and doesn't have to worry about their jobs, unless they get voted out. These guys are still sitting in their chairs of power doing their bs best to bankrupt the country. They blame the evil banks just like they didn't have a thing to do with it. These morons wouldn't last a minute in the private sector and they should be jailed for gross incompetence.
     
    Last edited: Dec 16, 2009
  3. saveliberty
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    saveliberty Diamond Member

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    Claudette, change the third word from the end from fired to jailed and I'm with you.
     
  4. mal
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    mal Diamond Member

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    If a Liberal could Respond, it would Probably be... "BOOOOOOOSH!"

    :)

    peace...
     
  5. Claudette
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    Claudette Gold Member

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    Ask and yee shall receive.
     

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